LONDON, Nov 24 (Reuters) - The price of copper climbed above $7,000 a tonne and towards a one-month high on Friday, helped by a weaker dollar and shrinking supplies, though concerns over demand from top consumer China capped gains.

The U.S. dollar was at its lowest level since late September against a currency basket, still under pressure after the minutes from the latest U.S. Federal Reserve policy meeting highlighted concern among some board members over persistently low inflation.

Concern over China, which consumes nearly half the world’s copper, centred on fresh economic data this week and Thursday’s heavy equities sell-off, though its stock markets steadied on Friday.

Data this week showed China’s economy cooled in October, with industrial output, fixed-asset investment and retail sales missing expectations as the government extended a crackdown on debt risks and factory pollution.

Eugen Weinberg, head of commodities research at Commerzbank, says that risk-on sentiment has been a feature of the copper market for quite some time, but he expects a price correction before too long.

“We think prices are likely to correct from current levels because there are signs of slowing demand growth in China and most of the positive news seems to be reflected in the price.”

* COPPER PRICE: Three-month copper on the London Metal Exchange ended up 0.6 percent at $7,002 a tonne, having touched $7,015, its highest since Nov. 1.

* CHINA: China will check local governments’ investment in railway projects, the state planner said on Friday, amid official concerns that breakneck infrastructure spending is racking up too much debt.

* METALS PRICES: Aluminium ended up 0.9 percent at $2,132 a tonne, zinc closed down 0.1 percent at $3,233, lead closed up 1.1 percent at $2,480, tin ended up 0.5 percent at $19,510 and nickel ended up 0.9 percent at $12,035.

Additional reporting by James Regan;
Editing by David Goodman, Greg Mahlich